Omar just took out a loan from the bank for 142,894 dollars. He plans to repay this loan by making a special payment to the bank of 26,888 dollars in 3 months and by also making equal, regular monthly payments of X. If the interest rate on the loan is 0.8 percent per month, he makes his first regular monthly payment later today, and he makes his last regular monthly payment made in 7 months from today, then what is X, the amount of the regular monthly payment?
| Total loan | 142894 | |||
| Less: Present value of special payment | 26252.88 | |||
| Payment | 26888 | |||
| Multiply: Annuity PVF at 0.80% | 0.976379 | |||
| Present value of payment made months for 7period | 116641.1 | |||
| Divide: Annuity PVF at 0.8% for 7 periods9 year | 6.78127 | |||
| Monthly payment to be made each 7 period | 17200.48 | |||
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